It may be terminal. This is all very sudden. What do you want to do?
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. There are many risk involved with staying with the firm. The caller could potential face jail time, lose her CPA license, or be forced to pay large sum in fines.
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As an accountant the caller had legal and ethical responsibility to inform the bank about the fraudulent financial statements. By contacting the board of directors and external auditors the caller can verify if the fraudulent activity is really a common practice or if this is the first time the firms has engaged in such actions.
The only concern I have about notifying the external auditors is that the caller might get in trouble too. Because as the controller of the firm, it is the callers job to make sure that fraudulent accounting practices do not occur.
Unfortunately, I do believe that aggressive accounting and financial statement fraud are a common practice. More than likely, executives will use the threat of firing the accounting managers and staff as a way to get them to do what the executives want. Accounting managers and staff can overcome the pressure put on them by executives, by remembering their ethical and legal duties expressed by various accounting ethical standardsregulations and laws.
The firms top executives believe that companies engage in aggressive accounting or fraudulent practices all the time, so its no big deal if the firm bends the rule a little every once in awhile. With Staff Accounting Bulletin No. By recording revenue before the sales actually occurred and creating transactions out of thin air, the company violated the revenue recognition criteria established by Staff Accounting Bulletin No.
By recording expected future transactions in the present, in order to boost sale and revenue figures. The fraudulent transactions resulted in the revenues in the financial statements being reported at a higher amount then they should be.
The firms was recording sales it expected to achieve in future periods in the present period. They could also check sale orders, customer purchase orders, sale invoices and shipping documents.
Some more procedures include, testing invoices listed in receivable report, tracing receivable report to the general ledger and tracing sales to the shipment log. More essays like this:Read this essay on The Anonymous Caller.
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Recognizing It’s a Fraud and Evaluating What to Do The ethic case study was about an anonymous caller who is the controller of a privately-held, small, start-up company.
Audit Essay; Major depressive disorder Essay; Eco . Anonymous Caller Auditing Case Study Essay Sample. 1 a) What would you recommend to the caller if you were Dr. Mitchell? Since it appears that the firms top executives are all apart of the fraud and don’t plan on correcting their unethical action.
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The Pickett County Press has been Pickett County and Byrdstown's hometown paper since Since then, the Press has been the keeper and reporter of many community events, such as weddings, deaths, births, political events, tragic destruction from tornadoes, new roads, new schools, new businesses, and many other happenings too numerous to mention.
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